Manila: The Bureau of the Treasury (BTr) fully awarded the reissued 10-year Treasury bond (T-bond) during Tuesday's auction. The reissued T-bond, having a remaining term of nine years and eight months, achieved an average rate of 5.997 percent.

According to Philippines News Agency, this rate was lower than both the previous auction's average rate of 6.285 percent and the current secondary market rate of 6.0 percent. Rizal Commercial Banking Corporation chief economist Michael Ricafort highlighted that the average auction yield of the reissued T-bond eased in response to dovish signals from local monetary authorities, indicating a potential 25 basis points rate cut during the Bangko Sentral ng Pilipinas' meeting on Aug. 28.

The auction saw a significant interest, attracting PHP98.9 billion in total tenders, which amounted to almost four times the PHP25 billion offer. Consequently, the Auction Committee successfully raised the full program of PHP25 billion, thereby increasing the outstanding volume for this series to PHP417.6 billion.